You have been given the following projections for Cali Corporation for the coming year.

$$ Sales $=10,000$ units.

$$ Sales price per unit $=$ $$10.$

$$ Variable cost per unit $=$ $$5.$

$$ Fixed costs $=$ $$10,000.$

$$ Bonds outstanding $=$ $$15,000.$

$$ kd on outstanding bonds $=8\%.$

$$ Tax rate $=40\%.$

$$ Shares of common stock outstanding $=10,000$ shares.

$$ Beta $=1\mathrm{.}4.$

$$ kRF $=5\%.$

$$ kM $=9\%.$

$$ Dividend payout ratio $=60\%.$

$$ Growth rate $=8\%.$

Calculate the current price per share for Cali Corporation.

Solve and explain $($step by step$).($Do not use excel formula$)$